The Governor of Colorado Jared Polis signed on March 8 “the Law of digital tokens” that excludes some digital currency of the state law on securities.
Also, the new law under certain circumstances exempts from the licensing of broker-dealers and traders of cryptocurrencies. The rules will become effective on 2 August.
Exciting day for #blockchain technology. @GovofCO @jaredpolis signed the #Digital Token Act today with key legislators, Attorney General @pweiser, and #Colorado cabinet members Patty Salazar with @DORAColorado, @BetsyMarkey with OEDIT, and @TheresaSzczurek of @OITColorado. pic.twitter.com/erOEloEdpy
— TheresaSzczurek (@TheresaSzczurek) 7 March 2019 R.
“A great day for blockchain technology” — written by Theresa Szczurek, chief information officer of the government of Colorado.
According to the authorities of the state, “the Law of digital tokens” will turn Colorado into a technological hub for the decentralized platforms that are relevant to the concept of Web 3.0. In addition, regulation will make it simpler for you to conduct business associated with bloccano and cryptocurrencies. This, in turn, will create new jobs and make the state attractive to venture capitalists and developers, as well as increase the credibility of local authorities.
According to the document, cryptocurrencies are not subject to state laws on securities if “the primary function of the digital token is a consumer”. On the other hand, such assets shall not be used for “speculative and investment purposes.”
“Consumer token function means that first and foremost he used to obtain goods, services, or content,”say the legislators.
We will remind, the bill on digital tokens was submitted to the Senate of the state of Colorado in early January. The document’s authors, Republican Jack Tate and Democrat Steve later in life.